fosis
Short

End of short-term bullish trend?

FX:AUDUSD   Australian Dollar / U.S. Dollar
It seems that it's the end of bullish correction and continuation of bearish long-term trend. However, there are some main support point.
The first one is around 0.71500 - 0.71750. This works as the base of the triangle. If price cross this line, this would be a good point to open short positions after it becomes resistance line.
The next one is at 0.70000 and some pips below. This is the point where the price created last long term support line.
The height of the triangle also points to this area. So if the price breakout from the triangle to the bottom, its good to take profit at this main long-term support line and than wait to see what is market doing. because bulls won't give up this spot so easily.
Trade active:
snapshot


So yesterday, those 2 candles show. Firstly, the black candle after with large volume means that there is a lot of sellers selling into bidders, the next one, white one, shows us that bulls got initiative and buyout sellers. The upper shadow of that candle means also that there weren't enough bears to beat bulls.

Because of this, bears gave up and bulls have taken the price up.
However, in my opinion, thats bulls last breath and in the next week, the price will continue to decline.
Trade active:
snapshot


So we have brakeout from triangle. There is high chance for retrace to 0.71700 now (base line of triangle), because RSI has gotten to oversold area.
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